Co-op Bank Losses More Than Double To £611m

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Source:   —  April 01, 2016, at 11:15 AM

The lender said its bottom line was weighed down by "issues of the past" as it took an additional charge of £72m for the payment protection insurance (PPI) mis-selling scandal as well as additional costs of about £99m relating to breaches of consumer credit rules.

Co-op Bank Losses More Than Double To £611m

The Co-operative Bank saw annual losses broaden to £611m for two thousand fifteen, more than double the level of a year before.

The lender said its bottom line was weighed down by "issues of the past" as it took an additional charge of £72m for the payment protection insurance (PPI) mis-selling scandal as well as additional costs of about £99m relating to breaches of consumer credit rules.

Total "conduct and valid risk" charges were £193.7m, ninety-one percent up on the previous year, the bank said.

It said the overall result was as expected and that its "core" business narrowed losses and that the bank had stemmed an exodus of current account customers seen the year before.

The annual loss compared to a £264.2m shortfall in two thousand-fourteenth. But chief executive Niall Booker saw his annual pay package surge by twenty-five percent to £3.85m, boosted by long-term incentive awards.

Portion of the lender'south business map has, as earlier , been re-submitted to the Bank of England'south Prudential Regulation Authority (PRA) - and approved - after it scaled back its withdrawal from some "non-core" loans.

Mister Booker said during the year the bank had boosted its capital, reduced costs and strengthened its core business.

He added: "The expected widening of our financial loss compared with two thousand fourteen, due to heritage issues we've known about and highlighted for some time, shouldn't divert from the considerable progress made in turning the Bank around."

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